Fitch Affirms SMART RBS Warehouse Trust at 'AAAsf'/Stable

(The following statement was released by the rating agency)

SYDNEY, January 19 (Fitch) Fitch Ratings has affirmed SMART RBS Warehouse 
Trust’s asset-backed floating-rate notes, as follows:

AUD800m Class A notes: ‘AAAsf’; Outlook Stable.

KEY RATING DRIVERS

The performance of the transaction has been within Fitch’s expectations. Net 
losses experienced since the rating was assigned in June 2012 have tracked below 
1% and 30+ day delinquencies are consistently tracking below 0.5%. To date, 
excess spread has been more than sufficient to cover for any losses experienced 
in the transaction. 

While the facility limit is AUD800m, as at November 2013 the pool consisted of 
11,864 loans with a total portfolio balance of AUD411.2m, averaging AUD34,660 
per loan. 

The pool is made up of commercial vehicle and equipment loans, leases, and hire 
purchase receivables from Australian obligors with varying balloons or residual 
values payable at maturity. The weighted average balloon payment for the 
portfolio is 26.2% of the receivables’ original financed amount. The majority of 
receivables consist of novated contracts (65%), whereby the lease is novated to 
the lessee’s employer and lease payments are made through salary packaging 
arrangements.

RATING SENSITIVITIES

In Fitch's rating sensitivity analysis, the likelihood of a downgrade of the 
senior note is currently remote, based on the transaction’s strong performance 
to date.

Contacts:

Lead Surveillance Analyst

Ben Newey

Director

+61 2 8256 0341

Fitch Australia Pty Ltd., level 15, 77 King St, Sydney, NSW 2000

Committee Chairperson

Natasha Vojvodic

Senior Director

+61 2 8256 0350

The source of information used to assess these ratings was Macquarie Leasing Pty 
Limited. The issuer has informed Fitch that not all relevant information about 
the rated notes is public.

Applicable criteria, “Global Structured Finance Rating Criteria”, dated 24 May 
2013; “Counterparty Criteria for Structured Finance and Covered Bonds”, dated 13 
May 2013; “Counterparty Criteria for Structured Finance and Covered Bonds: 
Derivative Addendum”, dated 13 May 2013 "APAC Consumer ABS Rating Criteria", 
dated 24 July 2013,are available on Fitch's website at www.fitchratings.com.

Media Relations: Iselle Gonzalez, Sydney, Tel: +61 2 8256 0326, Email: 
iselle.gonzalez@fitchratings.com.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research: 

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155

Counterparty Criteria for Structured Finance and Covered Bonds: Derivative 
Addendum

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707156

APAC Consumer ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=711196

Additional Disclosure 

Solicitation Status 

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=815570

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